Article 37 of Capital Markets Authority Law

The chairman of the board of directors shall represent the exchange before third parties and the courts, in addition to the other powers specified in the memorandum and articles of association, and shall implement the resolutions of the board of directors. The exchange shall have one or more chief executive officers appointed by the board of directors in accordance with the controls specified by the Authority and after its approval. The chief executive officer shall be entrusted with managing the exchange, and the board of directors shall determine his remuneration and powers. The positions of chairman of the board of directors and chief executive officer may not be combined.